Investor behaviour

VCs breaking their thesis

A focused fund's first cheque outside its own track record: a new sector, a new region, or an entry far earlier than usual. The thesis is what each fund's earlier first cheques show (15 or more, 80% inside the focus). Follow-ons never count. Each deal is checked against the round's sources, and a deal whose article lists other investors and not the fund is left out.
907
VCs broke their pattern since 2020
495
of them in 2025 and 2026
14%
of focused VCs investing in 2026 (283 of 2023)
884 / 1087 / 31
new sector / region / earlier stage
VCs breaking their pattern, per month
Jan 2020Oct 2026

843 breaks are rounds known only by their year. They count in the totals and the list, not in the monthly bars.

  1. Dec 18, 2024
    Luminar Ventures backed Corsmed at Seed
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in Nordics, 3 in North America.
    Source
  2. Dec 18, 2024
    Sting backed Minosia at Seed
    New regionFirst deal in APAC. Before: 202 first cheques, 166 in Nordics, 16 in DACH.
  3. Dec 17, 2024
    100X.VC backed Ava at Series A
    New regionFirst deal in Benelux & France. Before: 53 first cheques, 44 in APAC, 5 in North America.
  4. Dec 2024
    BOLD Capital Partners backed Liquid AI at Series A
    New regionFirst deal in DACH. Before: 32 first cheques, 31 in North America, 1 in Benelux & France.
  5. Dec 2024
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 14 in LATAM, 1 in North America.
    Source
  6. Dec 2024
    MSU Research Foundation backed Tandem at Series A
    New regionFirst deal in DACH. Before: 28 first cheques, 27 in North America, 1 in UK & Ireland.
  7. Dec 2024
    Mucker Capital backed HANDL at Seed
    New regionFirst deal in UK & Ireland. Before: 73 first cheques, 63 in North America, 3 in APAC.
  8. Nov 7, 2024
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in North America, 1 in UK & Ireland.
  9. Nov 2, 2024
    Lightbox Ventures backed Amaha at Series A
    New regionFirst deal in North America. Before: 18 first cheques, 16 in APAC, 1 in UK & Ireland.
    Source
  10. Nov 2024
    FINTOP Capital backed CARDO AI s.r.l at Series A
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
  11. Nov 2024
    Logos Capital backed ADCENDO at Series B
    New regionFirst deal in Nordics. Before: 37 first cheques, 30 in North America, 2 in UK & Ireland.
    Source
  12. Nov 2024
    Surveyor Capital backed ADCENDO at Series B
    New regionFirst deal in Nordics. Before: 30 first cheques, 27 in North America, 1 in UK & Ireland.
    Source
  13. Oct 14, 2024
    BonVenture backed ViViRA at Series B
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 15 in DACH.
  14. Oct 7, 2024
    RunwayFBU backed Sonair at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 12 in Nordics, 2 in DACH.
    Source
  15. Oct 2024
    Align Capital backed Scout at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in DACH.
  16. Oct 2024
    Arboretum Ventures backed Orasis at Series C+
    New regionFirst deal in MEA. Before: 31 first cheques, 29 in North America, 1 in Benelux & France.
    Source
  17. Oct 2024
    New regionFirst deal in Southern Europe. Before: 29 first cheques, 27 in Benelux & France, 1 in North America.
  18. Oct 2024
    Gateway Ventures backed Healthcaters at Pre-seed
    New regionFirst deal in Nordics. Before: 43 first cheques, 37 in DACH, 2 in North America.
  19. Oct 2024
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 30 in North America.
  20. Sep 30, 2024
    Miton backed GTE at Pre-seed
    New regionFirst deal in Benelux & France. Before: 49 first cheques, 43 in CEE, 3 in UK & Ireland.
  21. Sep 30, 2024
    New regionFirst deal in UK & Ireland. Before: 29 first cheques, 28 in DACH, 1 in Benelux & France.
    Source
  22. Sep 2024
    Anzu Partners backed Partium at Series A
    New regionFirst deal in DACH. Before: 42 first cheques, 36 in North America, 3 in APAC.
  23. Sep 2024
    Entrepreneur Venture backed Spicewell at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
    New regionFirst deal in North America. Before: 19 first cheques, 17 in Benelux & France, 1 in DACH.
  24. Sep 2024
    Westwave Capital backed Eion at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in North America, 1 in APAC.
  25. Aug 9, 2024
    Aonia Ventures backed Branch Energy at Series A
    New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in APAC.
  26. Aug 2024
    Bpifrance backed UP&Charge at Seed
    New regionFirst deal in LATAM. Before: 453 first cheques, 394 in Benelux & France, 22 in North America.
    Source
  27. Aug 2024
    EIFO backed Contribe at Pre-seed
    New regionFirst deal in CEE. Before: 23 first cheques, 19 in Nordics, 3 in North America.
    Source
  28. Jul 29, 2024
    New regionFirst deal in LATAM. Before: 23 first cheques, 19 in Southern Europe, 2 in CEE.
    Source
  29. Jul 2024
    New regionFirst deal in Nordics. Before: 75 first cheques, 62 in UK & Ireland, 7 in North America.
  30. Jun 24, 2024
    New regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 3 in North America.
    Source
  31. Jun 19, 2024
    Everywhere Ventures backed Donna at Pre-seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  32. Jun 12, 2024
    Upfront Ventures backed Apex at Series B
    New regionFirst deal in MEA. Before: 58 first cheques, 48 in North America, 3 in UK & Ireland.
    Source
  33. Jun 12, 2024
    XYZ Ventures backed Apex at Series B
    New regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  34. Jun 2024
    AQC Capital backed PropulsoW at Seed
    New regionFirst deal in LATAM. Before: 26 first cheques, 24 in North America, 2 in DACH.
  35. Jun 2024
    Blume Ventures backed Neustark at Series C+
    New regionFirst deal in DACH. Before: 40 first cheques, 32 in APAC, 3 in North America.
    Source
  36. Jun 2024
    Okta Ventures backed k-ID at Series A
    New regionFirst deal in CEE. Before: 17 first cheques, 14 in North America, 1 in DACH.
  37. May 16, 2024
    New regionFirst deal in LATAM. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  38. May 2024
    9unicorns backed Drink Prime at Seed
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 21 in APAC, 1 in North America.
  39. May 2024
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 31 in North America, 1 in Nordics.
  40. May 2024
    Founderful backed Axmed at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in DACH, 2 in North America.
    Source